2005
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Wimbledon properties on sale
Dubai-based MiNC Property Enterprises is offering properties at the former home of Wimbledon Football Club in south west London. MiNC is offering 54 fully furnished one bedroom apartments for sale with prices starting from £215,000, including a parking space. The units are expected to be ready by December 2007.
The Wave, Muscat, first 200 villas
The Wave, Muscat, Oman's freehold tourism and beachfront residential development, has unveiled details of its first release of 200 villas to be offered on February 27, 2006. Homebuyers will face a transparent, supervised draw process, depending on when they choose to register. The Wave is a joint venture of the Government of Oman, the National Investment Funds Company that represents the Omani Pension Funds, and the UAE's Majid Al Futtaim Investments.
Kempinski Palm Jumeirah Residence
Emerald Palace Real Estate has started marketing the Kempinski Palm Jumeirah Residence, an imposing project on the Crescent of The Palm, Jumeirah. The development includes apartments, grand villas and a penthouse and town house with full beach and resort facilities.
Emaar, $4bn Indian realty FDI
Emaar has announced a joint venture with MGF Developments Limited of India to develop projects worth $4bn in the Indian states of New Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. Chairman Mohammad Al Abbar said that the two companies would develop world-class projects at a time when India was a favoured destination for investment and tourism.
$270m Business Bay land auction
It took less than four hours to auction off $270m worth of land in The Business Bay project in the heart of Dubai on Thursday. The eight plots totalling 700,000 sqft sold for more than expected at the auction held at the Burj Al Arab hotel.
Park Towers, last floors for sale
Damac Properties is marketing the last few remaining floors in the Park Towers skyscraper in the Dubai International Financial Centre. The distinctively styled tower is reminiscent of The Gherkin in the City of London, and is fully linked to the DIFC by underground areas.
$390m Palm monorail contract
A Japanese consortium of Marubeni, Hitachi and Obayashi has won a $390m contract from Nahkeel to set up a monorail at the Palm Jumeirah, reported Gulf News. The system, due to start operating by December 2008, will link the entire project.
1-km high Kuwait tower planned
Kuwait may be the future home to the world's tallest building after plans were revealed for a 1000-metre, 250-storey tower as the centrepiece for the $150bn Madinat Al Hareer project in Kuwait City, according to Emirates Today. Emaar's Burj Dubai, currently under construction, is expected to be between 700-800m tall. Madinat Al Hareer will house 700,000 people, and take 25 years to build.
Madinat Al Arab plots go fast
A number of plots at Madinat Al Arab, the planned urban downtown and central business hub of the Dubai Waterfront development, have been sold off to developers within 48 hours of their release, according to a statement. The plots are designated for development into beach front residences and resorts.
Qatar's Al Waab City announced
Qatar has released details of Al Waab City, a new residential and commercial development which will cover over 12m sq ft in Doha by Nasser Bin Khaled & Sons. There will be 2,200 residential units and commercial space, as well as an urban piazza with a 300-room hotel, outdoor cafes and restaurants.
Bahrain Riffa villas on sale
Eighty-one villas at Bahrain's Riffa Golf Club are on sale off-plan, starting from $451,276. Riffa Views is a JV between Arcapita Bank and Bahrain International Golf Course Company. Mortgage finance is available with Bahrain Islamic Bank.
Pegasus Realty's Malaysia project
Dubai-based Pegasus Realty is offering properties in a residential development in Kuala Lumpur, called Hampshire Residences, by Malaysia-based firm Zelan Development. The project is located within the CBD close to the Petronas Towers. Bahrain-based Sama Real Estate will market the properties in Saudi Arabia and Bahrain.
Ajman rents up 70%
Ajman has recorded an average of 70% increase in rents for one to three bedroom apartments over the last 12 months, the largest increase of all the emirates in the UAE, according to a report by Asteco. Going rates were approximately $1,650 per month for a two bedroom and $2,200 for a three bedroom apartment at the end of Q3 2005.
Mazad, $272m Business Bay sales
Mazad, the real estate auction house of Dubai Properties, has sold off more than $272m worth of land at the Business Bay development. Eight separate plots measuring a total of 700,000 sq ft went in less than four hours. The biggest plot sold for $58.3m.
Contractors named for The Dunes
Dubai Sports City has awarded the construction contract for The Dunes golf course at the Victory Heights development to UAE-based Septech and its joint venture partner Turnpoint Australia. Work on The Ernie Els-designed course is due to be ready for play by May 2007.
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